The Strategic Banking Corporation of Ireland (SBCI) and Fexco Asset Finance recently announced an increased funding package of €70m to enable Irish SMEs to borrow for specialist equipment and vehicles.
Part of the Fexco Group, Fexco Asset Finance is a leasing and hire purchase provider which has been a key partner of SBCI since 2016.
To date, it has funded over €213m for specialist equipment and leasing facilities for SMEs, supporting nearly 4,000 individual transactions.
Fexco’s product offering covers various asset types, including fixed equipment, plant and machinery, production lines, medical and dentistry equipment, green energy solutions and traditional leasing of vehicles.
“This new €30m extension to our partnership with Fexco Asset Management brings the total funding package to €70m,” June Butler, chief executive of SBCI, said.
“This important initiative aligns with SBCI’s mission to foster Irish SMEs’ growth, expansion and innovation.
“Over the past decade, SBCI has facilitated over €4bn in funding, empowering more than 60,000 businesses to thrive, prosper and achieve their ambitions.”
Access to finance was one of the biggest risks identified by Irish SMEs in a survey by SBCI published in October; 44% of respondents said it was a significant risk.
TOP TIPS FOR SUCCESSFUL CREDIT APPLICATIONS
■ Check your credit record: One of the most important considerations for a bank can be your credit history — a poor one may lead to a rapid refusal.
In Ireland, banks are obliged to check the Central Credit Register (CCR), so you should check your credit history before you apply.
It can help you to spot any missed payments or mistakes in your credit report.
The CCR website (centralcreditregister.ie) provides guidance on how to do so, and what to do if there are errors on your report.
■ Make a formal application: A formal application will be considered by the bank’s credit department. Applications can be made in person at a branch, over the phone or online.
Always check that you have made a formal application, not just an enquiry — that means the credit department will review your request and that you can appeal if they refuse.
■ Provide all the information requested, and check the bank has received it: The bank typically has 15 days to respond to an application, but the clock is switched off if the bank is awaiting additional information from you.
■ Provide clear, concise and relevant information about the business: Include realistic projections showing an ability to repay.
If the bank is not clear about what you intend to do and how you intend to repay the debt, you will likely get a negative response.
Photo: June Butler, chief executive of SBCI
